Socio‐emotional wealth and corporate responses to environmental hostility: Are family firms more stakeholder oriented?
研究了在竞争激烈、资源稀缺的恶劣商业环境中，家族企业是否比非家族企业更关注利益相关者，发现家族企业表现出更高的企业社会责任绩效和更好的利益相关者导向。
Abstract Do family firms care more for different stakeholders than nonfamily firms when operating in a hostile business environment? This study addresses this question and fills the existing void in family business research. It shows that family‐controlled firms adopt corporate social responsibility strategies and balance the demands of internal and external interest groups to preserve their socio‐emotional wealth while facing fierce competition, resource scarcity, and penurious economic conditions. More specifically, our analysis of an international sample of 956 listed firms from 2006 to 2014 reveals that family firms show a higher level of corporate social responsibility (CSR) performance and better stakeholder orientation than nonfamily firms. Our findings are useful for managers, policymakers, and responsible investors.